- We recommend purchasing a property only in the Greek part of Cyprus,
because the ownership situation in the Turkish area is not finally
- Any citizen of the European Community can easily purchase a property in Cyprus.
- With the acquisition of a property, Non European citizens can receive a residence permit, which is valid for four years.
- The ownership will be registered in the land registry office.
- The property transfer tax is based on the value of the property (3% - 8%). If the property is registered in both names of a married couple, the tax is 50%.
- In conclusion of the contract a stamp duty is payable, which also depends on the amount. It is between 0.15% - 0.2%
- Since 2004 there is a VAT tax of 15% for new buildings, and since 2007 this is also valid for the purchase of land. Resale properties are free of this tax..
- There is an annual property tax, which is calculated to the value of the property. At a value of up to CYP 100,000 no tax is payable. With a value of over CYP 500.000, 4% will be charged.
- There is no inheritance tax.
- There is a capital gains tax of 20% on the resale proceeds. For foreigners, there is no capital gain tax if they sell their property again.